Market Size of System of Insights Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 19.73 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
System of Insights Market Analysis
The system of insights market is expected to register a growth at a CAGR of 19.73% over the forecast period (2021 - 2026). The demand for business intelligence has been on the rise, in recent years, with enterprises and organizations looking to enhance productivity and increase sales by adopting automated solutions.
- The system insights have witnessed a tremendous rise in its adoption across various industries around the world. Additionally, predictive and prescriptive analytics is growing business analytics trends among BI professional owing to the Big Data becoming the focus of analytics processes that are being leveraged not just by the big enterprises, but also small and medium-sized businesses alike.
- These solutions are becoming prevalent as enterprises continue to create new data at a rapid rate. For instance, the amount of data generated worldwide is increasing hugely. According to Seagate Technology PLC, the volume of data created worldwide is expected to increase to 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively, from 12 zettabytes in 2015.
- The rising usage of the cloud has supported the data generated across various verticals. By 2020, the accumulated volume of Big Data is expected to increase from 4.4 zettabytes to roughly 44 zettabytes or 44 trillion GB. Moreover, the number of IoT connected devices is expected to rise over 50 billion devices by 2020, creating terabytes of data that need to be managed, stored, and analyzed.
- Software companies are currently increasing their focus on in-demand technologies and re-exploring innovative ways to serve their clients as the COVID-19 crisis is creating challenges across multiple industries and is leading to a reduction in technology spending. The data science teams are being called into action to crunch massive data available and build the best business spending models on trusted data for decision-makers to prepare contingency plans quickly. This is the place where enterprises are using AI, ML, and natural language processing to mine massive data and build predictive or prescriptive models.
